Hard work, grit, and luck always play important roles in earning more at your job or business. But an often-overlooked ingredient to success is your ability to negotiate in the workplace. If you don’t know what’s possible or fail to make your value visible, you could be missing out on a variety of benefits.
Don't assume that you can't increase your profit from a job or business relationship. If you don’t look out for yourself by negotiating items—such as salary, training, job title, additional resources, paid vacation, or the terms of an agreement—no one else will.
In my interview with Kelly Gushue, Founder and CEO of Personal Finance Warrior, we discuss key points that everyone should know about negotiating. Here are some of the topics we cover:
- How gender differences impact how we negotiate
- The best way to respond when a potential employer asks for your salary history
- The right way to ask for a raise or promotion--and why hearning no can be a good thing
- Where to research what your salary range should be for your location and industry
- How to get benefits you want, even if you’re turned down for a raise
- 5 steps to structure a negotiation that gets past no
- Why leveraging another job offer can be the key to making more
[Listen to the interview using the embedded audio player or on Apple Podcasts, SoundCloud, Stitcher, and Spotify]
How to Negotiate for More Money
Here are five tips to ask effectively and negotiate, even when the answer is no, contributed by Kelly Gushue:
- Show business metrics
- Know your value
- Negotiate other benefits
- Develop a plan for a key project
- Present another job offer
Let's go deeper into each.
1. Show business metrics.
Make a list of the business results you and your team delivered and include specific business metrics you achieved. Use as many numbers and business measures that are relevant for your manager and your division.
2. Know your value.
Conduct research on the salary range for your role, location, and industry. Talk to your manager about this data and discuss how your company stacks up. Ideally, you want to request the upper end of the salary range.
3. Negotiate other benefits.
If you asked for a raise and were refused, don’t give up. Whether the problem is a limited budget, low company revenue, cost-cutting measures, ask for other benefits instead of money.
You might ask for an additional week of vacation, a day per week to work from home, gym membership reimbursement, travel to an industry conference, training, equity, or a better bonus. There are creative ways to ask for additional benefits beyond your salary.
If you asked for a raise and were refused, don’t give up.
4. Develop a plan for a key project.
When there is a limited budget, create a project, in addition to your full-time role, to earn a raise over the next six months. Partner with your manager on a project that generates revenue, cuts costs, or adds value to your division.
Ask your manager for support in advocating for your salary raise if this project is successful. Keep your manager informed of the progress with the project and timing of the next salary raise.
5. Present another job offer.
After six months, if you created a project that adds value and you still don’t get the raise or promotion you want, it may be time to look for another job. When you present another job offer, your current manager has the choice to match it or let you go.
Often a manager will find additional funds to keep you if they believe you're adding value. If not, it’s time to move on to the next job and get ready for the next negotiation!
The co-host for the MSNBC "Morning Joe" show, Mika Brzezinski, was earning just 10% of what Joe was making in the early days of the show. In her book, Knowing Your Value: Women, Money & Getting Your Worth, Mika explains why several of her negotiations for pay raises were unsuccessful.
It wasn't until Mika threatened to leave Morning Joe that she finally got a pay raise. Sometimes an employer or business partner must fear losing you in order to realize your value and do what's necessary to keep you.
Related: How to Get Paid What You Want
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Interview or Dialogue image courtesy of Shutterstock
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